According to the most recent numbers, food and non-alcoholic beverage prices increased by 14.6% in the 12 months to September 2022, up from 13.1% in August. This category's annual rate of inflation has risen for 14 months in a row, having started at a minus 0.6% in July 2021. According to estimates, the current rate is the highest since April 1980.
Only 10% of freelancers are unconcerned about the impact of inflation on their work (71%) - only 1% are not concerned. According to the survey, marketing freelancers are slightly less concerned about inflation than other skilled services freelancers who do not provide marketing services service (68% against 75%)
One way freelancers have adapted is to diversify their revenue streams. GrowTal, a marketplace for marketing professionals, and Opinium, a strategic insight consultancy, conducted The Second Annual GrowTal "The State of Freelancing" Report.
Earning potential
While those with typical occupations rely on their employers to provide bonuses or raises during periods of high inflation, freelancers rely on themselves to generate extra revenue, according to the survey. A third (34%) of freelancers have investigated extra freelance employment opportunities, such as learning a new skill set to broaden their capabilities.
Respondents believe that some organizations have started exporting work to minimize expenses, which is a "silver lining" for freelancers during the economic slump. as well as One-fifth (19%) of freelancers feel this period of high inflation has benefited their profession by creating additional options.
How freelancers can increase their earning power during inflationary times
All freelancers should think about raising their prices. But what if your clients frequently decide the price? If you've been working at the same rate for the past two years, it can't harm to ask for a little raise in your day or project rate. You have the ideal excuse: inflation.
Freelancers who plan ahead of time and secure work months in advance have a better grasp on their financial future. Consider the painter and decorator who has booked projects with clients for the next six months. Clients can, in fact, pull unable to work It happens, but at least you're not scrambling for job at the last minute or week by week when you're desperate financially and mentally. You have more than one project under contract. Begin pitching months ahead of time. Blocking work ahead of time covers more bases. Reach out to new and existing clients directly and announce your availability and services on social media to let them know when you are available and what services you can provide.
Consider pitches in terms of seasons. When do individuals often require a particular service or product? Is it tax season? Christmas or school vacation? Is the weather warm or cold? Make them aware that they can reserve your services in advance so that they are not caught off guard afterwards.
Discounts for early bookings or a Include a freebie: Inform clients via a marketing email or social media postings that your freelance firm will provide a discount code for particular sorts of work booked in a specific month. Set your pricing appropriately. Working in a margin is always preferable to breaking even.
Join local business organizations to promote your services to members and be listed in a business directory. Going to local networking events can often lead to future business through word of mouth from people you meet.
Get some business cards and keep them with you at all times. They may appear antiquated, yet they are beneficial when you meet someone useful unexpectedly and don't want them to be unable to contact you.
Request assistance. If you're acquiring a lot of new business, get some help by hiring another freelancer and taking a percentage of the job they do. However, be certain that you have provided them with a freelancer contract and that you have sufficient finances to pay them according to the payment terms.
Provide additional premium services rather than just free ones. When you embark on a job or project, you may discover that you are doing tiny extras. Why don't you think about offering these things as extra services and charging for them?
Create a new side hustle or business division. Never believe that you must concentrate on just one thing business model If you are good at something or have a hobby that could earn you money, talk to an accountant about how you can add this service to your existing business, but as a separate entity so you can claim expenses and training costs if you need to re-skill and the business is very different from your current one.
Create residual income. This takes time and, depending on the product or service, some capital, but those that succeed can actually make money while sleeping: think books, paid video content (subscription or one-time); an app, courses, and so on.
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